Current Use by Public Records
- Retail properties & Spaces
Property Details for 198-26 Jamaica Ave
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional 3,578 square foot mixed-use retail property, located at 198-26 Jamaica Avenue in Jamaica, Queens, NY 11423, presents a compelling investment opportunity. The building sits on a 2,752 square foot lot and boasts over 61 feet of frontage on a high-traffic thoroughfare, experiencing over 17,000 vehicles daily. Currently, the property has a 50.42% occupancy rate, with the residential portion fully leased. The retail space, previously a successful bakery ("Jasmine Cakes"), is fully built-out and features walk-in coolers, a prep area, a front store, and a full basement. It will be delivered vacant, ideal for a user or investor seeking to reposition this asset. The property's pro-forma NOI is $69,806, yielding a 6.50% pro-forma cap rate, and is priced at $300.15 per square foot. Its prime location is surrounded by established local and national retailers, minimizing management needs and maximizing potential. This multi-tenant property offers significant upside for savvy investors seeking a strong foothold in the vibrant Queens market. The property's size, location, and existing infrastructure make it an attractive proposition for a variety of retail businesses.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Jamaica
- County
- Queens
- State
- New York
- Longitude
- -73.7603
- Latitude
- 40.7132
